2012 Greenwich, CT Real Estate Market Report

The December 2012 and Year-end issue of the Greenwich, CT Real Estate Market Report covering single family homes sold in Greenwich, Cos Cob, Riverside and Old Greenwich Connecticut. The author, Jack Sarsen, is a Realtor with David Ogilvy & Associates, an exclusive affiliate of Christie's International Real Estate. Please help us improve this report by providing your comments and suggestions to jsarsen@gmail.com.

The December 2012 and Year-end issue of the Greenwich, CT Real Estate Market Report covering single family homes sold in Greenwich, Cos Cob, Riverside and Old Greenwich Connecticut. The author, Jack Sarsen, is a Realtor with David Ogilvy & Associates, an exclusive affiliate of Christie's International Real Estate. Please help us improve this report by providing your comments and suggestions to jsarsen@gmail.com.

Greenwich home prices are still 21% off 2007 highs but comparable home values have stabilized andprices are heading up again. The second half of 2012 ended higher on both price and volume. Although 2012 average prices were down 1.73% vs. 2011, average prices over the last 6 months of 2012 were actually up 3.2% over all of 2011. The $14.1M ‘highest price’ paid for a home in 2012, was thelowest ‘highest price’ paid since 2001. In 2011 there were two $30M+ sales totaling $76M. Removingthese two sales from the averages puts 2012 prices 3.74% higher than 2011.2012 single-family home sales volume of 578 finished 10% higher than 2011(526), due in part to astronger than average December volume bolstered by sellers wishing to avoid the higher capital gainstaxes in 2013. This marks three consecutive years of strong increases – up 74% since the 2009 low of 333 homes sold. Although volume is still 21% lower than the 730 homes average posted between 1999and 2007, this three-year trend is encouraging as we start 2013.